FxWirePro: Sell EURUSD on rallies

Ichimoku analysis (4 Hours chart)

Tenken-Sen- 1.10561

Kijun-Sen- 1.10438

EURUSD has halted its 3 days of bullishness, shown a minor decline of more than 30 pips. The coronavirus has been spread to 23 countries and global stocks shown a major sell-off especially Shanghai, which has reopened after New-year. There were 2100 new cases in Hubei, the total number of infected people rose to 11177. The pair hits an intraday low of 1.10607 and is currently trading around 1.10644.

German bund yield hits 3 months at -0.427%, the spread between US and German bund yield has narrowed from 2.15% to 1.97%.

 The immediate resistance is around 1.1120, any violation above targets 1.1140/1.1245. On the flip side, near-term support stands at 1.1035 and indicative break below will drag the pair down till 1.100/1.0980.

 It is good to sell on rallies around 1.1078-80 with SL around 1.1120 for the TP of 1.100/1.0980.